How Banking Has Changed Thanks to the Digital Era

In the business of banking, success is based on relationships. For centuries, the relationship between banks and their customers has been integral to commerce and an imperative part of every community. However, today, the demand for new, improved digital services has brought about some rapid changes in the way that banks think about building and maintaining good relationships with their customers. Today, banking is not only about being able to trust that your money is stored securely, but also about how easy it is for customers to manage their finances digitally. As face-to-face interactions with customers become less common, banks are increasingly interacting with their customers via online and mobile banking transactions. Here are some of the main ways in which the digital era has forced banks to re-think customer engagement.

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#1. Quick Digital Access:

Today, customers simply don’t have the time to visit a branch or call up when they want to learn information about their account such as the balance or recent transactions. Instead, the majority of customers are logging into their online account or using a mobile application to access this information instantly. For banks, this means investing time and effort into providing a secure and easy-to-use online platform that customers can use for all their banking needs.

#2. The Rise of Mobile Use:

Today, mobile use has become greater than ever before, with millions of people on the planet owning and using a smartphone. Smartphones are not just for making calls and keeping in touch; these mini-computers can be used for shopping, planning, working, making bookings, and keeping on top of finances, with an increasing number of financial institutions now providing applications that customers can use to track their bank balances, make payments, transfer money, set up automatic payments, and make repayments on credit cards and other borrowed funds.

#3. Online Account Switching:

For banks today, one of the main goals when it comes to gaining new customers is attracting them from competing financial institutions. Traditionally, switching a bank account was a complicated process for the customer, requiring multiple forms and telephone conversations, and perhaps a visit or two to the branch. However, today’s financial institutions are quickly realizing the need for customers to quickly and conveniently switch their main bank account online. Many banks today provide ultimate convenience for customers by allowing them to switch their account over to them without having to leave the comfort of home.

#4. Social Media and Online Engagement:

The days of waiting in line on a call to your bank are over; today’s tech-savvy customers are more likely to tweet their bank or send a message on Facebook if they have an issue that can be dealt with quickly. In addition, many customers like to follow their financial institutions on

social media to ensure that they are kept up to date with the latest news and don’t miss out on top financial opportunities or tips from the brand. When it comes to digital engagement, banks today must have thriving social media profiles that are used as a customer service hub.

How does your bank provide you with the digital services that you require?

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